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Dow is dropping more than 1000 points, because in fear the coronavirus outbreak in China will become a pandemic

The Dow Jones Industrial Average fell more than 1000 points on Monday, giving up the profit for the year because of concerns that the corona virus would become a global pandemic.

The Dow was trading 1025 points lower, or 3.5 percent in afternoon trading, after erasing all the profits for the blue chip index for the year earlier in the day.

The S&P 500 also slipped 3.5 percent and the Nasdaq Composite was 3.9 percent lower.

The 30-day stock Dow was meanwhile negative for the year.

Until health officials can contain the corona virus, analysts say they expect investors to continue to be driven to sell.

The Dow dropped more than 800 points on Monday, as investors feared that the corona virus outbreak would become a global pandemic

The same fear of the coronavirus also caused the S&P 500 to slide more than 2.5 percent

The same fear of the coronavirus also caused the S&P 500 to slide more than 2.5 percent

The same fear of the coronavirus also caused the S&P 500 to slide more than 2.5 percent

Monday's fall set the Dow to the rhythm for his biggest one-day drop since February 2018, when he lost more than 1000 points and knew his win for that year

Monday's fall set the Dow to the rhythm for his biggest one-day drop since February 2018, when he lost more than 1000 points and knew his win for that year

Monday’s fall set the Dow to the rhythm for his biggest one-day drop since February 2018, when he lost more than 1000 points and knew his win for that year

While stocks were slipping on Monday, oil prices fell and gold prices rose with the number of people infected or killed by the viral outbreak that began in China, creating more uncertainty about the economic outlook.

The decline caused a sharp decline on Wall Street after the financial leaders of the Group of 20 major economies warned that the outbreak that began in China threatens to derail the growth of the world.

The British FTSE 100 fell 3.5 percent to 7,147, while the CAC 40 in Paris lost 3.7 percent to 5,806. The DAX of Germany fell by 3.6 percent to 13,086.

The FTSE MIB in Italy, which has seen an increase in new cases that led to the closure of cities and businesses, fell by 4.6 percent to 23,620.

The price of gold, seen as a safe haven in times of danger, rose by $ 35.80 to $ 1,684.60 per ounce, the highest in seven years.

Another safe haven, US Treasuries, was very popular. That lowers the yield and that for the 30-year bond reached a record depth of 1.85 percent.

The return on the more closely followed 10-year treasury amounted to 1.40 percent. That return, which is a benchmark for mortgages and other types of loans, was nearly 1.90 percent at the beginning of this year.

Until investors have more certainty about the control of the coroan virus,

Until investors have more certainty about the control of the coroan virus,

As shares fell, oil prices fell and gold prices rose with the number of people infected or killed by the viral outbreak that began in China, creating more uncertainty about the economic outlook

Korea Pest Control Association officers disinfect a shop on the Mangwon market in Seoul on Monday

Korea Pest Control Association officers disinfect a shop on the Mangwon market in Seoul on Monday

Korea Pest Control Association officers disinfect a shop on the Mangwon market in Seoul on Monday

Uncertainties also weigh on energy prices.

Benchmark US crude oil lost $ 2.07 or 3.9% to $ 51.31 per barrel in e-commerce on the New York Mercantile Exchange. Brent crude oil, the international standard, gave up $ 2.86 or 5% to $ 55.64 per barrel.

South Korea again reported a major leap in new cases on Monday. The 70 latest new cases increased the total of South Korea to 833, and another two killed the toll to seven. The latest updates led to the sale of shares, as a result of which the Kospi benchmark fell 3.9 percent to 2,079.04.

In Italy, police manned checkpoints around cities in quarantine, while the authorities tried to contain new cases of the COVID-19 virus that have made the country the center of the European outbreak and fear its spread across borders.

The viral outbreak that began in China has infected more than 79,000 people worldwide and killed more than 2,600 people.

China has reported 2,592 deaths among 77,150 cases on the mainland.

Travel restrictions, company closures, and other efforts to stop the virus from spreading have begun to disrupt supply chains and sales opportunities for Apple and other large companies.

An image of the Dow Jones Inudstrial Average being tracked on the floor of the New York Stock Exchange on Monday

An image of the Dow Jones Inudstrial Average being tracked on the floor of the New York Stock Exchange on Monday

An image of the Dow Jones Inudstrial Average being tracked on the floor of the New York Stock Exchange on Monday

Trader Frank Masiello looks at the market results on the floor of the New York Stock Exchange

Trader Frank Masiello looks at the market results on the floor of the New York Stock Exchange

Trader Frank Masiello looks at the market results on the floor of the New York Stock Exchange

Traders Michael Urkonis, left, and Peter Tuchman, center, respond to market changes on the floor of the New York Stock Exchange

Traders Michael Urkonis, left, and Peter Tuchman, center, respond to market changes on the floor of the New York Stock Exchange

Traders Michael Urkonis, left, and Peter Tuchman, center, respond to market changes on the floor of the New York Stock Exchange

As the virus begins to more seriously disrupt other countries – with, for example, business events being canceled in South Korea and Italy – some economists are concerned about economic growth that cannot be easily stopped by the authorities.

Central banks can lower interest rates and governments can lower taxes, but that will do little in the short term to reduce the disruption of supply chains.

Kristalina Georgieva, head of the International Monetary Fund, said the virus outbreak “could jeopardize recovery,” and said “it would be wise to prepare for more unfavorable scenarios.”

Traders’ expectations have grown that this year the Federal Reserve will have to lower interest rates to help the economy. They count a 90% chance of at least one cut this year, an increase of a chance of 85% a day ago and a probability of 58% a month ago.

Beijing officials promised more help for companies and the economy, saying that they still expect their growth targets to be achieved despite the outbreak.

Finance and planning officials said Monday that they are looking at how they can channel aid to companies after President Xi Jinping publicly promised last week that agriculture and other industries would recover quickly.

The government is looking at “targeted tax cuts,” interest rate cuts, and payments to poor and virus-affected areas, said an assistant finance minister, Ou Wenhan. “We will do a good job of large-scale interest rate reduction and tax deferment and ensure effective implementation as quickly as possible,” he said.

The latest measures failed to cancel the Shanghai Composite, which lost 0.3 percent to 3,031.23, although the smaller Shenzhen A-share market rose 1.4 percent.

Elsewhere in the region, the S&P ASX / 200 in Sydney lost 2.3 percent to 6,978.30.

Hang Seng in Hong Kong fell 1.8 percent to 26,820.88 and Thailand’s SET index lost 2.5 percent. The Indian Sensex lost 1.2 percent to 40,689.12. Benchmarks in Jakarta, Taiwan and Singapore fell by more than 1 percent.

A woman walks past an electronic board with the Hong Kong stock index outside a local bank in Hong Kong. Hang Seng in Hong Kong fell 1.8 percent to 26,820.88 and Thailand's SET index lost 2.5 percent

A woman walks past an electronic board with the Hong Kong stock index outside a local bank in Hong Kong. Hang Seng in Hong Kong fell 1.8 percent to 26,820.88 and Thailand's SET index lost 2.5 percent

A woman walks past an electronic board with the Hong Kong stock index outside a local bank in Hong Kong. Hang Seng in Hong Kong fell 1.8 percent to 26,820.88 and Thailand’s SET index lost 2.5 percent

The Japanese markets were closed for a vacation.

The hope that the outbreak was contained was premature, Mizuho Bank said in a comment: “And indeed, the fear of secondary infections spreading outside of China has come home, causing risky assets to fall into a downward spiral and a wave of places of refuge for safe -Haven. ‘

In currency trading, the dollar fell to 111.38 Japanese yen from 111.57 yen on Friday. The euro weakened to $ 1.0819 from $ 1.0847.

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